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SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
SCHEDULE OF STOCK OPTION | A summary of the stock option activity under the Company’s incentive plan for the three months ended March 31, 2024 is presented below: SCHEDULE OF STOCK OPTION
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Grant Date Fair Value |  |  | Weighted Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2023 |  |  | 30,329 |  |  | $ | 57.17 |  |  | $ | 77.22 |  |  |  | 3.4 |  |  | $ | — |
Granted |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  | — |
Forfeited |  |  | (4,493 | ) |  | $ | 44.25 |  |  | $ | 71.63 |  |  |  |  |  |  |  | — |
Outstanding at March 31, 2024 |  |  | 25,836 |  |  | $ | 59.42 |  |  | $ | 78.20 |  |  |  | 3.1 |  |  | $ | — |
Exercisable at March 31, 2024 |  |  | 24,586 |  |  | $ | 62.29 |  |  | $ | 82.04 |  |  |  | 2.8 |  |  | $ | — |
SCHEDULE OF RESTRICTED STOCK UNITS AND AWARDS ACTIVITY | The Company’s activity in restricted stock units was as follows for the three months ended March 31, 2024: SCHEDULE OF RESTRICTED STOCK UNITS AND AWARDS ACTIVITY
|  | Number of shares |  |  | Weighted average fair value |
Non-vested at December 31, 2023 |  |  | 140,491 |  |  | $ | 28.97 |
Granted |  |  | 251,500 |  |  | $ | 0.85 |
Forfeited |  |  | (9,729 | ) |  | $ | 2.87 |
Vested |  |  | (26,146 | ) |  | $ | 2.62 |
Non-vested at March 31, 2024 |  |  | 356,116 |  |  | $ | 11.76 |
SCHEDULE OF STOCK-BASED COMPENSATION FOR RESTRICTED STOCK UNITS | The following table summarizes the Company’s recognition of stock-based compensation for restricted stock units for the following periods: SCHEDULE OF STOCK-BASED COMPENSATION FOR RESTRICTED STOCK UNITS
Stock-based compensation expense for RSUs: |  | 2024 |  |  | 2023 |
|  | Three Months Ended March 31, |
Stock-based compensation expense for RSUs: |  | 2024 |  |  | 2023 |
General and administrative |  | $ | 152,429 |  |  | $ | 252,315 |
Research and development |  |  | 205,741 |  |  |  | 232,434 |
Total |  | $ | 358,170 |  |  | $ | 484,749 |
Stock-based compensation expense for RSUs |  | $ | 358,170 |  |  | $ | 484,749 |
SCHEDULE OF WARRANTS OUTSTANDING | The following table summarizes information about shares issuable under warrants outstanding at March 31, 2024: SCHEDULE OF WARRANTS OUTSTANDING
|  | Warrant shares outstanding |  |  | Weighted average exercise price |  |  | Weighted average remaining life |  |  | Intrinsic value |
Outstanding at December 31, 2023 |  |  | 2,799,213 |  |  | $ | 11.79 |  |  |  | 4.6 |  |  | $ | — |
Exercised |  |  | (1,954,000 | ) |  |  | 1.37 |  |  |  | — |  |  | $ | — |
Outstanding at March 31, 2024 |  |  | 845,213 |  |  | $ | 35.87 |  |  |  | 3.4 |  |  | $ | — |
Exercisable at March 31, 2024 |  |  | 845,213 |  |  | $ | 35.87 |  |  |  | 3.4 |  |  | $ | — |
SCHEDULE OF WARRANTS AND INVESTMENT OPTIONS | The following table summarizes information about investment options outstanding at March 31, 2024: SCHEDULE OF WARRANTS AND INVESTMENT OPTIONS
|  | Investment options outstanding |  |  | Weighted average exercise price |  |  | Weighted average remaining life |  |  | Intrinsic value |
Outstanding at December 31, 2023 |  |  | 70,000 |  |  | $ | 10.00 |  |  |  | 4.1 |  |  | $ | — |
Outstanding at March 31, 2024 |  |  | 70,000 |  |  | $ | 10.00 |  |  |  | 3.3 |  |  | $ | — |
Exercisable at March 31, 2024 |  |  | 70,000 |  |  | $ | 10.00 |  |  |  | 3.3 |  |  | $ | — |

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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-1 + Details
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